Business
Statement re Covid-19 Update
Statement re Covid-19 Update.
About this update from Pphe Hotel Group Limited
[{"type":"text","content":"\n \n \n RNS Number : 7185G\n PPHE Hotel Group Limited\n 19 March 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\").\n \n \n \n \n \n 19 March 2020\n \n \n \n \n \n \n PPHE HOTEL GROUP LIMITED\n \n \n (\"PPHE\" or \"the Group\")\n \n \n \n \n \n Covid-19 Update\n \n \n \n \n \n \n PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, today announces exceptional measures to mitigate the effect on its business of the Covid-19 pandemic.\n \n \n \n \n \n Since the Group's business update on 11 March 2020, in which it reported reduced demand for international travel resulting in an increase in cancellations and a slowdown in bookings, governments in several countries have announced further extraordinary measures to slow the spread of the virus. These include the adoption of social distancing policies, bans on large gatherings and events, the closure of restaurants and bars and lockdowns. These measures have led to an immediate and significant \n deterioration in the hospitality market, with a high number of cancellations and no shows and very few new bookings. \n \n \n \n \n \n The Group's financial and liquidity position is robust. As at 17 March 2020, the Group maintained excess cash and unutilised credit facilities substantially in line with the amounts previously disclosed in its 2019 financial statements. The financial covenants in the Group's bank facilities are principally based on loan to value and debt service coverage ratios with cure periods applicable for each facility. We have a long-standing and supportive group of banks with whom we are working very closely to ensure that we are able to take all the necessary actions that are in the best interests of the Group in the current environment. The Group therefore believes, based on the measures detailed below, that it is well-positioned to withstand a significant decrease in business activity in its markets during 2020.\n \n \n \n \n \n The Group is in the process of adopting a set of exceptional operational measures in order to signif...